The $578 million megayacht owned by Russian oligarch Andrey Melnichenko was seized by Italy

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This photograph taken on March 10, 2022, shows a sailing yacht A owned by Russian oligarch Andrey Melnichenko in Trieste, Italy Jure Makovec/AFP/Getty Images

Russian oligarch Andrey Melnichenko's yacht was seized Friday, Italian authorities said.

Sailing Yacht A is the world's largest sailing yacht at around 469 feet long and has eight decks.

Melnichenko was sanctioned by the European Union in response to Russia's invasion of Ukraine.

A megayacht belonging to Russian oligarch Andrey Melnichenko was seized by Italian authorities on Friday, CNN reported.

A statement from Italy's finance police said the yacht, known as SY A or Sailing Yacht A, was worth around 530 million euros, or $578 million, according to CNN. It also said the yacht was currently in storage in Trieste, Italy. Maritime tracking data viewed by Insider confirmed the location of the yacht in the Adriatic Sea.

Melnichenko is one of the billionaire oligarchs sanctioned by the European Union in response to Russia's invasion of Ukraine. Melnichenko, who is worth $11 billion according to Forbes, owns majority stakes in a fertilizer company and a coal company.

In announcing its decision, the EU council said Melnichenko "belongs to the most influential circle of Russian businesspeople with close connections to the Russian Government." It also said he was among a group of 37 businesspeople who met with Russian President Vladimir Putin and other officials on February 24 to discuss the impact of potential sanctions.

"The fact that he was invited to attend this meeting shows that he is a member of the closest circle of Vladimir Putin and that he is supporting or implementing actions or policies which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, as well as stability and security in Ukraine," the EU said, adding it also showed he is "providing a substantial source of revenue to the Government of Russia."

Gigantic vessel, owned by Russian billionaire Andrey Melnichenko is spotted during the 70th annual Cannes Film Festival at on May 26, 2017 in Cannes, France. J. Almasi/GC Images/Getty Images

Sailing Yacht A is the worlds largest sailing yacht at around 469 feet long, according to SuperYachtFan.com. It has 300-foot masts, eight decks, a swimming pool, and an underwater observation pod. It's one of several megayachts owned by Russian oligarchs that are subject to sanctions.

Some Russian oligarchs and billionaires have tried to escape sanctions by transporting their luxury yachts to places like Dubai, which has not enacted sanctions, and the Maldives, which does not have an extradition treaty with the US.

Read the original article on Business Insider

Yodelingondeeznutz on March 12nd, 2022 at 12:36 UTC »

I took a couple pictures of this sucker a few years ago when we were on a snorkeling excursion. It was during a Royal Caribbean cruise and I believe it was in St. Martin. I remember thinking it looked really evil.

nagevyag on March 12nd, 2022 at 10:26 UTC »

Imagine having $500 million to spend on a boat.

John_Lives on March 12nd, 2022 at 09:49 UTC »

How the fuck does a yacht cost half a billion dollars

I've seen some for a tenth of the cost and it has everything I could ever think of